Vol. 1, No. 1 • FALL 2009
Vol. 1, No. 1 • FALL 2009 |
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C O N T E N T S
N E W S E V E N T S What Is a Co-op? A co-operative is an autonomous association of person united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.
The Cooperative Fund of New England (CFNE) is a proud member of: The National Cooperative Business Association (NCBA) The Opportunity Finance Network (OFN) The Domestic Fair Trade Association (DFTA) The Co-operative Management Education Co-op (CMEC) |
A recent study by the University of Wisconsin also demonstrates the substantial economic impact co-ops have on the economy. We now know that there are more than 29,000 co-operative businesses in the U.S. that generate more than two million jobs and create more than $74 billion in wages. These enterprises also account for more than $654 billion in revenue, demonstrating that our co-operatives are more than a “nice idea”; co-operatives represent a strong business model and greatly contribute to economies from the local to the global levels.
The co-op model is especially relevant in these challenging economic times. “Co-operatives are more resilient to crisis that other forms of enterprise according to a recent study commissioned to the ICA by the International Labour Office,” notes the International Co-operative Alliance (ICA) in a recent statement. “Financial co-operatives have remained financially sound; agricultural co-operatives in many parts of the world are showing surpluses; consumer co-operatives are reporting increased turnover; and worker co-operatives are seeing growth. People are increasingly choosing the co-operative form of enterprise to respond to the new economic realities.”
Since 1975, the Cooperative Fund of New England (CFNE) has provided people with financial and support services to help their co-ops to thrive and serve their communities better. And we’ve offered a way for socially conscious individuals and organizations to invest their money in growing co-ops. The Cooperative Fund is a US Treasury-certified Community Development Financial Institution (CDFI) and recently received a positive rating by CARS™, the CDFI Assessment and Ratings System. CARS™, an independent project of the Opportunity Finance Network, is the only comprehensive, third-party assessment of a CDFI’s impact as well as its financial strength and performance, helping investors confidently assess CDFIs that match their social objectives.
Over our nearly 35 years in operation, the Fund has lent over $18 million to more than 450 co-ops and community organizations – all without losing a penny of our social investors’ resources.
For more information on how you can help grow co-ops, please click on the links above or visit www.coopfund.coop.
CO-OP CAPITAL FUND LAUNCHEDCFNE is constantly evolving to serve the needs of our co-op borrowers. One example is the Cooperative Capital Fund (CCF), a new source of patient capital (including equity and equity-like loans) for co-op expansions, conversions and start-ups. We’re proud to announce that CCF has reached its minimum level of investment and has begun accepting applications.
CCF’s first investment loan was recently approved and has been placed with Rising Tide Community Market, a 30-year old food co-op
“Moving to our new location was a huge leap of faith for everyone involved,” says co-general manger Scott Cooper, pictured with co-general manager Maryanne Seredynski. “But thanks to the Co-op Capital Fund’s investment, we’re excited about continuing to grow and serve our community better.”
Investors Wanted! There is still time for you or your organization to become a charter investor in this innovative new fund. Between now and October 31, 2009, CCF is seeking additional investments from individuals, social investors, foundations and co-ops that would like to be part of this innovative new tool for development. Minimum investment is just $1,000 and your co-op or organization will be featured as an initial supporter in press announcements. Organizations already supporting CCF include Berkshire Co-op Market, Cabot Creamery Co-op, Equal Exchange, Hanover Food Co-op, Hunger Mountain Food Co-op, Middlebury Natural Foods Co-op, City Market (Onion River Food Co-op), South Mountain Company, Upper Valley Food Co-op, and Willimantic Food Co-op.
For more information, or to download a prospectus, please visit: www.coopcapital.coop or call 800-818-7833.
LOANS AVAILABLE!The Cooperative Fund of New England (CFNE) provides loans and technical assistance to cooperatives, worker-owned businesses, land trusts, nonprofit groups, low-income housing development organizations, health services, community based organizations, etc., in the New England area. Thanks to the support of our generous investors, CFNE now has additional funds available to finance expansions, renovations, and upgrades, as well as to meet general working capital and cash flow needs. The Fund is responsive, flexible, offers competitive rates and is committed to your success.
Please keep CFNE in mind when you next need to borrow. For additional information or an application contact Rebecca Dunn rdunn@cooperativefund.org 800-818-7833.
CFNE BOARD WELCOMES MARGARET ATKINSONThe Cooperative Fund is proud to welcome Margaret Atkinson as our newest board member. Margaret brings extensive non-profit board experience to CFNE, as well as a commitment to the co-operative movement. Since 1995, she has worked with Green Mountain Spinnery Co-op, a worker co-op based in Putney, VT, where she currently serves as marketing director. Recently, she coordinated the writing and production of the Spinnery’s new knitting book 99 Yarns and Counting: More Designs From The Green Mountain Spinnery. “Long ago I made a choice to have a rich life over just making money,” says Margaret. “Co-ops show the world that people working together in equality can be successful.” For more information on the Green Mountain Spinnery Co-op, visit www.spinnery.com.
CFNE FALL NEWSLETTER AVAILABLE ONLINE"Despite the economic downturn we continue to fund loans and to support co-operative development," notes Rebecca Dunn, CFNE executive director, in our Fall newsletter. Other stories include:
Copies of the newsletter can be downloaded in pdf format at www.coopfund.coop.
SUPPORT CFNE THROUGH UNITED CO-OP APPEALThe United Co-op Appeal (UCA) is an annual workplace giving program that is managed by the Cooperative Development Foundation. UCA supports 18 organizations - including the Cooperative Fund of New England - that use the cooperative enterprise model to bring self-sufficiency and economic development to individuals and communities through the United States and around the world. Since it began in 1992 UCA has raised over $1.5 million to support cooperative charities. If you are interested in signing up your workplace as a Host Organization for the Appeal, please visit their website or contact Terence Buen at tbuen@cdf.coop or 703-302-8097.
CO-OP NEWSEQUAL EXCHANGE GOES BANANASCFNE borrower and investor Equal Exchange has challenged tradition
Why? According to the USDA, the average American eats 26 pounds of bananas per year. That's a lot of bananas - and a big opportunity to create a more just economic system. The banana industry is built on very low prices paid to farmers and a heavy dependence on chemicals that damage the farmers' health. But Equal Exchange is working with banana growers to create an alternative: partnerships that give farmers pride and economic control, builds communities, protects community health, and supports the environment we all share.
Look for Equal Exchange bananas at your local food co-op or grocery store. For tips on encouraging local businesses to carry Equal Exchange products, visit www.equalexchange.coop/convince. SPINNERY RELEASES NEW BOOKGreen Mountain Spinnery Co-operative of Putney, VT, is celebrating the release of its new book, "99 Yarns & Counting". This 128 page volume includes 34 patterns for adult and children's, sweaters, hats, socks, and an afghan all knit in a wide variety of the Spinnery's yarns and beautifully photographed by Marti Stone. A fascinating photographic tour of their mill and insights into their design and yarn making processes is also included. The Spinnery is a CFNE borrower and, more recently, an investor in the Fund as well. For more information, visit www.spinnery.com. CFNE JOINS MANAGEMENT EDUCATION CO-OPA successful co-op movement needs management training that is embedded in our principles and values. For this reason, CFNE has become a member of the Co-operative Management Education Co-op (CMEC), the group of organizations that has partnered with St. Mary’s University in Nova Scotia, Canada, to create the Master of Management: Co-operatives and Credit Unions (MMCCU) program. “The MMCCU program has been built by leading edge organizations and the Cooperative Fund of New England is a good fit,” says MMCCU Program Manager Tom Webb. “The fund is a dynamic organization playing a key role in growing the co-operative share of the economy. Saint Mary's and CMEC are delighted to welcome CFNE.” Other New England co-ops that are members of CMEC include Brattleboro Food Co-op and Hanover Consumer Co-op. For more information, visit www.mmccu.coop. NEW ONLINE COURSE ON CO-OP MOVEMENTMore than 800 million people around the world are members of co-operatives, including an estimated 1 in 4 Americans. And yet, few colleges or universities offer courses that explore the contribution of co-ops to our economy and society. A new online course, offered by the Creative Community Building Program of the University of Connecticut’s Center for Continuing Studies, offers students of all ages the opportunity to learn more about the history and philosophy of the co-op movement, and its relevance to contemporary economic challenges. Visit www.creativecommunitybuilding.org for more information. CO-OP MONTH, CO-OP BOOKS!Food for Thought Books, a member of the Valley Alliance of Worker Co-ops based in Amherst, MA, is launching a new section of resources for co-ops and collectives in time for Co-op Month. Food for Thought, which has been in operation since 1976, offers books on a broad range of topics including progressive issues, multicultural & radical politics, queer studies, women's studies, fiction & poetry, music, comix, media studies, science & ecology, education, multicultural & progressive children's books, and much more. Visit their storefront in Amherst, MA, or order online at www.foodforthoughtbooks.com. WORKER CO-OPS LAUNCH AD CAMPAIGNCFNE has provided matching funds to a project of the Valley Alliance of Worker Co-ops (VAWC), a group of eleven worker co-ops in western Massachusetts and southern Vermont, to support the development of its members. As part of this effort, VAWC has recently launched an ad campaign promoting the products and services offered by worker co-ops. The ads, with the slogan “Working for a Co-operative Economy,” feature the different members of the Alliance and are appearing in food co-op newsletters across the region. For more information on VAWC, visit www.valleyworker.org. MICHAEL MOORE FILM FEATURES WORKER CO-OPSMichael Moore’s new documentary, “Capitalism: A Love Story”, explores the root causes of the global economic meltdown and takes a comical look at the corporate and political shenanigans that culminated in what he describes as “the biggest robbery in the history of this country” - the massive transfer of U.S. taxpayer money to private financial institutions. But it also promotes an alternative to business as usual: worker co-ops. Featured in the film are Alvarado Street Bakery and Isthmus Engineering. Moore has made three of the top six highest-grossing documentaries of all time including Cannes Palme d’Or winner "Fahrenheit 9/11", 2008 Academy Award nominee "Sicko", and "Bowling for Columbine," the Academy Award winner for Best Documentary in 2003. His debut film was 1989’s groundbreaking "Roger and Me". Check movie listings for showtimes, or ask your local theater to show this important film. For more information, visit www.capitalismalovestory.com.
UPCOMING EVENTS
October 27-30, 2009 • Charlotte, NC The 2009 Conference curriculum will help CDFIs navigate this “best of times, worst of times.” More than 30 sessions make up a core curriculum on Stabilization and Growth, several of which are sector specific for deeper learning.
NEW ENGLAND: FEEDING OURSELVES October 29-31, 2009 • Portland, ME This conference will feature workshops on different aspects of the local food system including production, processing, transportation, marketing, finance, education, research, and technology transfer.
NASCO CO-OP EDUCATION & TRAINING INSTITUTE November 6-8, 2009 • University of Michigan, Ann Arbor, MI The 2009 North American Students of Cooperation Institute will build on last year's exploration of cooperatives and land rights to explore the role and future of co-ops in the current greenwashed recession with an internationalist perspective. We will develop strategies for promoting healthy relationships with each other, with our land and resources, and across cultures. Through workshops, discussions, film screenings, panels, and caucuses, we will rethink how we produce, transport, and consume; share everyday tools for just sustainability in cooperative practices; and create cooperative solutions that spark change in "our backyards."
ECONOMIC & HOUSING DEVELOPMENT FINANCE BASICS November 10, 2009 • Concord, NH Just a few space left! CFNE has arranged for a National Development Council Credit training program that explores the nuts and bolts of economic and housing development finance in an intense and fast-paced course, designed for practitioners, private lenders, elected officials, policy makers, non-profit board members and other stake holders. For more information, click the link above or contact Betsy Black at betsy@cooperativefund.org.
IT TAKES A REGION: BUILDING THE NORTHEAST FOOD SYSTEM November 13th & 14th, 2009 • Albany, NY The 17th conference of the Northeast Sustainable Agriculture Working Group brings together food system advocates, policymakers, planners, researchers, extension and other educators, farmer groups, food businesses, farm support organizations, consumer groups, and students the strengthen and develop the regional food system.
29th ANNUAL HOUSING CONFERENCE November 15th, 2009 • New York, NY A full-day conference sponsored by the Council of New York Cooperatives & Condominiums. Dozens of workshops and a large exhibit area of vendors providing goods and services for housing cooperatives and condominiums.
INTERNATIONAL CO-OP ALLIANCE GENERAL ASSEMBLY November 16-20, 2009 • Geneva, Switzerland Under the theme "Global Crisis – Co-operative Opportunity", the Assembly will address the opportunities that the global economic, food and energy crisis present to co-operative enterprises and to the co-operative movement. Professor Jeremy Rifkin, President of the Foundation on Economic Trends and a noted economist and advisor to key political and economic leaders in Europe and the US, will deliver a keynote address.
DOMESTIC FAIR TRADE ASSOCIATION ANNUAL MEETING December 4-6, 2009 • Organic Valley, LaFarge, WI The Domestic Fair Trade Association is a coalition of organizations (including CFNE) working for health, justice and sustainability in the food system.
Please send feedback, comments or contributions for this e-newsletter to Erbin Crowell at erbin@cooperativefund.org. |
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October is Co-op Month – a time to celebrate our community co-ops, to reflect on the benefits of working together for a more sustainable, democratic economy, and to promote co-operative values such as honesty, solidarity, social responsibility and caring of others. It’s these values that make co-ops an integral part of the communities in which they operate. Co-ops are community owned and democratically controlled, putting people before profits, generating jobs and keeping resources local.
based in Damariscotta, ME. The co-op moved to a new location in July and funds from CCF will provide working capital and support cashflow.
al trade models for more than 20 years. You're probably familiar with their fairly traded coffee, tea, chocolate and snacks. Now Equal Exchange has begun selling organic, fairly traded bananas.